It is important on the entrepreneur journey to set financial goals, not just for your business, but for yourself. Whether you are planning to offer a product such as an app or a store shelf item or a service, it is important to not just set financial goals, but also track and monitor them. Setting goals is one of the most powerful tools used for charting and determining the success of a business.
Setting Prices and Increasing Revenue
Before you open your doors (in two weeks...wooohooo), you need to think about what type of revenue you will need to make keep the business and yourself afloat. Yes, we all think that we have the million dollar idea, but even the best ideas take time to develop, flourish, and turn a profit. When you are setting your business financial goals, take into consideration a few of these things: the cost of your products or services (how much does it cost you to sell products or render services), the cost of any overhead (for my brick and mortar businesses), the cost of supplies (from pens to making copies), how much you will need to keep your head above water personally, and who you may owe from the start-up process (hopefully no one). Once you have taken these factors in to consideration, then you will be ready to set prices, which will help you determine what your revenue will be/need to be in the future.
No comments:
Post a Comment